An asset management report is the document your stakeholders actually read. It is the client package, the investor update, or the consolidated view that turns portfolio activity into understandable results. For asset managers, family offices, RIAs, and fund administrators, the report has a simple job: present performance, holdings, activity, fees, and valuation in a way that is accurate, consistent, and easy to review.
This article focuses on the report as a deliverable, meaning the sections, layout, and disclosures that make it credible. If you also need the operational workflow behind the report, reconciliation cadence, and controls, see the broader asset management reporting process.
Key Takeaways
- An asset management report should clearly state scope, valuation date, pricing cutoff, currency, and benchmarks before it presents results.
- Minimum sections include performance, holdings and exposure, cash flows and activity, fees and expenses, valuation notes, and methodology disclosures.
- Performance should be labeled with return type (time-weighted or money-weighted), gross or net, benchmark definitions, and reporting periods.
- Illiquid assets require explicit valuation dates and a clear approach to stale values, otherwise readers will assume precision that does not exist.
- The report format should reduce review time, not increase it. Use consistent rounding, stable section order, and footnotes that explain exceptions.
- When multi-custodian and multi-entity complexity grows, the report should be generated from a controlled back-office source, not a chain of spreadsheets.
What is an asset management report?
An asset management report is a periodic document that summarizes a portfolio or set of portfolios over a defined period. It typically answers five questions:
- What is the portfolio worth as of the valuation date?
- How did it perform during the period, and relative to what benchmark?
- What does it hold, and what exposures and concentrations exist?
- What activity occurred, including trades, flows, and corporate actions?
- What fees and expenses affected the results, and how were values determined?
It is useful to differentiate the report from adjacent functions:
- Portfolio accounting maintains books of record for transactions, positions, accruals, and entity-level financials.
- Performance measurement calculates returns under defined methodologies.
- The asset management report is the packaged output that presents results and supporting details in a structured, reviewable format.
A well-structured report reduces back-and-forth. It gives readers enough detail to trust the summary, and enough disclosure to understand limitations.
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The standard sections of an asset management report
Below is a practical structure you can use as a template. Not every report needs every detail in the main body, but each section should exist either in the report or in supporting schedules.
Cover page and report scope
The cover page should do more than brand the document. It should establish the reporting contract.
Include:
- Report title and reporting period (for example, “Quarterly Report, Q3 2026”)
- Portfolio, account, fund, or entity name
- Base currency and, if relevant, reporting currency
- Valuation date and time, plus pricing cutoff (date, time, timezone)
- Benchmark set, if benchmarks are used
- Contact point and confidentiality statement if appropriate
For multi-account reporting, consider listing included accounts or entities in a short “scope” box. This reduces confusion later when someone notices a missing account.
Executive summary
The executive summary should be short and decision-oriented. In 5 to 8 lines, highlight:
- Beginning value and ending value
- Period return and year-to-date return
- Net cash flows (contributions less withdrawals)
- Top contributors and detractors (at a high level)
- Material activity (rebalances, new allocations, large redemptions)
- Any unusual data considerations (stale valuations, pricing exceptions, major restatement)
Avoid long market commentary here. Use the summary to set expectations for what the report shows.
Performance
Performance is the section most likely to be misread if it is not labeled well. Be explicit about:
- Return method: time-weighted return (TWR) versus money-weighted return (MWR) or IRR
- Fee basis: gross versus net
- Periods covered: month, quarter, year-to-date, trailing 1-year, since inception
- Benchmark definitions and why they are appropriate
- Currency basis: base currency versus local currency returns
A practical approach is to present a primary return series that matches the audience.
- For manager evaluation, use TWR and benchmark comparisons.
- For investor experience, especially in private markets or pooled vehicles, include MWR or IRR, supported by cash flow schedules.
If your performance section shows only summary returns, include at least one supporting element, such as a growth of $1 chart, a monthly return table, or attribution highlights.
Holdings and exposures
Holdings content depends on the audience, but exposures should be presented consistently.
Include:
- Asset allocation by asset class
- Top holdings or top managers (usually top 10 by value)
- Sector, region, and currency exposure where relevant
- Concentration indicators (for example, top 10 holdings as a percentage of portfolio)
- For fixed income: duration and credit quality summaries when applicable
If the report covers multiple entities, show both consolidated allocation and entity-level allocation, or provide a clear pathway to entity schedules.
Cash flows and activity
This section explains what changed beyond market movement.
Include:
- Contributions and withdrawals (or subscriptions and redemptions)
- Capital calls and distributions for private funds
- Income activity (dividends, interest, coupon accruals)
- Material corporate actions and one-time events
- A transaction summary by type, plus optional full transaction listing in an appendix
For most readers, the most useful view is a short table that reconciles the change in value:
Beginning value + net flows + investment gain or loss = ending value.
If you can show that reconciliation clearly, many stakeholder questions disappear.
Fees and expenses
Fees and expenses should be visible and traceable.
Include:
- Management or advisory fees, with rate and period basis
- Custody, administration, audit, legal, and other fund-level expenses where relevant
- Performance fees or carry accruals, with the accrual basis explained
- Any fee waivers, rebates, or unusual charges that affect comparability
If the report shows net performance, the fee section should allow the reader to understand what “net” includes. It does not need to disclose every invoice line item, but it should disclose categories and totals.
Valuation notes
Valuation is where many asset management reports fail. Most readers assume the report is as current and precise as the formatting suggests, so you must disclose limitations.
Include:
- Pricing source for liquid assets (vendor, custodian marks, exchange close)
- FX source and cutoff time
- Treatment of stale prices and exceptions
- For illiquid assets: valuation date, method (GP statement, appraisal, internal valuation), and update frequency
- Any material pricing overrides, with approval notes captured somewhere (main report or internal audit trail)
A simple “valuation legend” table is often enough to make this section effective.
Risk and liquidity snapshot
This section should be short, but it should exist.
Include:
- Liquidity buckets (for example, available within 1 day, 2 to 5 days, 6 to 30 days, locked)
- Concentration flags (single issuer, single manager, single private holding)
- Leverage summary if relevant (gross exposure, net exposure, financing)
- Major sensitivities (rates, credit, currency)
If you do not have a formal risk system, you can still provide a basic risk view through concentrations, liquidity, and exposure summaries.
Notes, methodology, and change log
The report should include a final section that protects comparability and interpretability.
Include:
- Return calculation methodology statement
- Benchmark definitions and any changes
- Material reclassifications
- Restatements and what changed
- Disclaimers required by your compliance program
This section is also where you can note “data timing” realities, such as private valuations delivered on a lag.
Table 1: Asset management report checklist
| Section | What it must include | Common data source | Common mistakes to avoid |
| Cover and scope | Period, valuation date, cutoff, currency, benchmarks, included accounts | Reporting template | Missing cutoff and valuation time |
| Executive summary | Begin and end value, return, net flows, notable activity | Consolidated dataset | Summary does not reconcile to details |
| Performance | TWR and or MWR, gross vs net labels, benchmark comparison, periods | Performance engine, accounting inputs | Mixing gross and net without labels |
| Holdings and exposures | Allocation, top holdings, concentrations, currency exposure | Custodian, portfolio system | Omitted accounts or duplicated holdings |
| Cash flows and activity | Deposits, withdrawals, calls, distributions, income, major events | Custodian, admin statements, bank | Missing or misclassified flows |
| Fees and expenses | Fee totals, categories, performance fee logic where relevant | General ledger, admin | Net performance shown without fee clarity |
| Valuation notes | Price sources, FX sources, stale value disclosure | Pricing vendor, custodian marks | Private asset values shown without dates |
| Risk and liquidity | Liquidity buckets, concentration flags, leverage summary | Portfolio analytics | Risk metrics not tied to holdings |
| Notes and change log | Methodology, benchmark changes, restatements | Policy documentation | Silent methodology changes |
Format and layout rules that make reports usable
A technically correct report can still fail if the layout makes it hard to review. Aim for a format that supports both skimming and validation.
- Standardize the section order.
If the report structure changes every period, reviewers waste time. Keep the order consistent: summary, performance, holdings, activity, fees, valuation, risk, notes. - Use stable rounding rules.
Decide on decimal precision by metric type and stick to it. For example:
- Performance: one or two decimals
- Allocation weights: one decimal
- Market values: whole dollars or thousands, depending on scale
State units clearly (USD, thousands). Inconsistent rounding is a common source of perceived error.
- Label every performance figure.
Every return series should have three labels:
- Return method (TWR, MWR, IRR)
- Fee basis (gross or net)
- Currency basis (base currency, local currency, or hedged)
If you present benchmark returns, name the index and its return method.
- Separate summary charts from detail tables.
Charts belong in the main body. Detailed holdings and transaction lists can move to appendices. This keeps the report readable without hiding the data. - Put footnotes next to the relevant content.
Avoid a single page of generic footnotes. Place disclosure where it matters, especially for valuation timing and unusual events. - Preserve version control.
Even if you distribute PDFs, ensure the report has a version identifier and a distribution date. If you restate a report, issue a revised version with a change log. - Use consistent naming for accounts and entities.
Do not change entity names quarter to quarter. If naming changes are unavoidable, include an alias mapping note.
Table 2: Performance section labeling guide
| Metric or label | When to use | Required disclosure | Notes |
| Time-weighted return (TWR) | Manager evaluation, mandate compliance | Valuation frequency and calculation method | Best for comparing to benchmarks |
| Money-weighted return (MWR) or IRR | Investor experience, flow-heavy portfolios | Cash flow timing basis | Sensitive to contribution timing |
| Gross return | Internal analysis, pre-fee evaluation | Which fees are excluded | Do not present as investor outcome |
| Net return | Client and investor reporting | Which fees and expenses are included | Clarify treatment of performance fees |
| Benchmark return | Contextual performance comparison | Index name, source, period basis | Avoid changing benchmarks silently |
| Base currency return | Standard reporting currency | FX source and cutoff time | Important for multi-currency portfolios |
How the report changes by audience
A single asset management report template rarely serves everyone equally. The sections stay similar, but the emphasis and depth change.
RIA client report
RIA clients often want clarity over complexity. The report should focus on:
- Progress summary: return, income, and value change with flows
- Simple allocation visuals and top holdings
- Clear transaction transparency, especially contributions, withdrawals, and rebalances
- Risk framing that is understandable without oversimplifying
You can still include TWR and benchmark comparisons, but avoid burying the main story under technical metrics. A short “what changed and why” section is often the most valued part.
Fund LP or investor report
Fund investors expect institutional structure and consistency.
Common requirements include:
- Capital account summary and change schedule
- Fund-level NAV and investor-level values
- IRR and, for private funds, multiples such as DPI and TVPI where relevant
- Fees and expenses disclosure, often as a schedule
- Portfolio update section for major holdings or strategies
These reports also require stronger methodology disclosure, especially around valuation and fee accruals. Investors want to understand how values were determined, particularly for private holdings.
Family office consolidated report
Family office reporting prioritizes consolidation and look-through.
Common requirements include:
- Consolidated view across entities, trusts, partnerships, and accounts
- Entity rollups and drill-down schedules
- Multi-asset coverage, including private funds, real estate, direct deals, and operating entities where applicable
- Liquidity and concentration, often presented as risk controls
- Clear valuation dates for illiquid holdings and a lag disclosure approach
A family office report should make it obvious what is consolidated, what is reported at NAV versus cost, and what is stale. Without those signals, consolidated outputs become misleading.
Table 3: Report variants by audience
| Audience | Must-have pages | Typical frequency | Common add-ons |
| RIA client | Summary, performance, allocation, holdings, activity, fees | Monthly or quarterly | Goal progress, tax-aware summaries |
| Fund LP | Capital account, NAV, IRR, fees and expenses, portfolio updates | Quarterly | ESG metrics, audited financials appendix |
| Family office | Consolidated net worth, performance, entity rollups, liquidity, valuation dates | Monthly or quarterly | Look-through exposures, entity financial statements |
Minimum viable report vs institutional report
Not every situation requires an institutional package, but every situation requires basic disclosures.
Minimum viable asset management report
This is appropriate for smaller portfolios or early-stage programs. Typically 6 to 10 pages:
- Cover and scope
- One-page summary
- Performance table with benchmark
- Allocation and top holdings
- Flows and activity summary
- Fee summary
- Valuation notes and basic methodology
The minimum viable report should still include valuation date and cutoff, fee basis, and basic disclosures. It should be reproducible and consistent.
Institutional report
This is appropriate when stakeholders require audit readiness, when portfolios include alternatives, or when multiple entities must be consolidated. Typically 15 to 40 pages plus appendices:
- Expanded performance detail, including monthly tables and attribution
- Full holdings schedule with identifiers and classifications
- Full transaction detail or a formal activity schedule
- Fee schedules, accrual logic, and expense breakdowns
- Valuation policy details and stale value flags
- Risk, liquidity, and concentration analytics
- Methodology section and change log
- Appendices with supporting statements and administrator packages where required
The difference is not just length. The difference is traceability. Institutional reporting assumes an audience that will ask follow-up questions and expects the report to withstand scrutiny.
Where FundCount fits in
Many reporting issues come from fragmented data and inconsistent books across custodians, administrators, and entity structures. FundCount is designed as a back-office platform that supports accounting and reporting workflows for complex investment programs.
In practice, that means consolidating holdings, transactions, and valuations across asset classes and entities so the report is generated from a controlled dataset rather than assembled manually. If you are evaluating options for a portfolio accounting and reporting foundation, the goal should be a repeatable period-end output where holdings and cash reconcile, and performance can be validated.
For structures that require partner-level statements, allocations, and capital accounts, partnership accounting capabilities become crucial in ensuring the report accurately reflects the legal and economic reality of the vehicle. The practical takeaway is that reporting quality depends on the integrity of back-office data, a consistent methodology, and the ability to produce the same report repeatedly from the same inputs.
Asset management report FAQ
What should every asset management report include at minimum?
At minimum, an asset management report should include performance, holdings and exposures, cash flows and activity, fees and expenses, and valuation notes. It should also state the valuation date, pricing cutoff, currency, and benchmark definitions where benchmarks are used. Without those disclosures, readers cannot interpret the numbers reliably.
What is the difference between a performance report and an asset management report?
A performance report focuses primarily on returns and benchmarking. An asset management report includes performance, but also includes holdings, exposures, activity, fees, and valuation disclosures that explain why the performance occurred and how values were determined. In other words, performance reporting is a component, while the asset management report is the complete package.
Should reports show gross or net returns?
Reports should show net returns when the goal is to reflect investor outcomes, and they should clearly define what “net” includes. Gross returns can be included for internal analysis, but they must be labeled and separated from net results. Mixing gross and net without clear labels is one of the most common sources of misunderstanding.
How do you disclose stale valuations for private assets?
Disclose the valuation date for each private asset category and indicate when the value is carried forward from a prior period. If values are updated quarterly but the report is monthly, the report should make that lag explicit in the valuation notes. The goal is to prevent readers from assuming the private asset values reflect current market conditions.
What benchmarks should be used in a multi-asset portfolio?
Multi-asset portfolios often require blended benchmarks that reflect the policy allocation, plus component benchmarks for major sleeves such as equities, fixed income, and alternatives. The report should define the benchmark sources and how the blended benchmark is constructed. Benchmark changes should be documented in the methodology or change log.
How do you keep reports consistent across multiple custodians?
Consistency requires standardized identifiers, stable account mapping, and a single pricing and FX cutoff policy. Reports should be produced from an aggregated dataset that includes completeness checks so missing accounts are detected immediately. The report should also document the sources used and the valuation timing so that differences across custodians do not create unexplained variance.
How often should an asset management report be produced?
Monthly and quarterly are the most common cadences, and the right frequency depends on stakeholder needs and portfolio complexity. Higher frequency reporting is most useful when it can be produced from reconciled data without sacrificing controls. If frequent reporting forces shortcuts, a slightly slower but accurate cadence is usually better.
What is a reasonable delivery timeline after period end?
For liquid, single-custodian portfolios, many teams target delivery within a few business days. For multi-custodian, multi-entity, or alternatives-heavy portfolios, delivery timelines often extend to one to three weeks, depending on data availability and valuation lags. The report should align expectations by disclosing valuation timing and by maintaining a consistent close calendar.
